The Main Street Lending program now has new lower loan limits, with a minimum size of $250,000. The loan terms have also been lengthened from four years to five years, according to the Federal Reserve.
Principal payments on new loans will now be deferred for two years, up from one year, with 33% payments due in each of the years following that for new loans. Priority loans will see a 15% repayment in the first year and then 70% repayment in years two, three and four.
Need additional information or want help tapping into this financing opportunity? Contact us to help you with your financing needs.
